Thursday 20.October 2011
The Icelandic Financial Supervisory Authority has revoked Saga Investment Bank’s operating license. The reason for the revocation is that the bank's capital base is under the statutory minimum requirement, which amounts to EUR 5 million, the equivalent of ISK 800 million.
The revocation has little effect on Saga’s current operations as it had previously sold part of its operations and ceased other operations covered by the license. Current operations primarily consist of managing the asset portfolio and settling with creditors.
Only financial institutions licensed to operate as an investment bank are allowed to use in their company name the term “investment bank”. The company has therefore changed its name to Saga Capital.
